If you’re a business owner, you know that having insurance is crucial to protecting your company in the event of an accident or lawsuit. But what if you’re retroactively trying to get coverage for an incident that’s already happened? In this article, we’ll explore whether or not insurance companies will backdated general liability insurance for your business.
What is General Liability Insurance?
If you’re like most business owners, you probably have a general idea of what general liability insurance is, but you may not be aware of the many different situations in which this type of insurance can help you. In short, general liability insurance is designed to protect your business from financial damages that may result from third-party claims of bodily injury or property damage.
While your business is likely to face a variety of risks, there are some common situations in which having general liability insurance can help you avoid financial ruin. For example, if one of your employees accidentally injures a client while working on their property, the client could sue your business for damages. If you have general liability insurance, your insurer will generally cover the cost of the lawsuit, up to the policy limit.
Another common scenario in which general liability insurance can help is if you are sued for false advertising. Even if you didn’t actually do anything wrong, defending yourself in court can be very expensive. If you have general liability insurance, your insurer will usually pay for your legal defense costs, up to the policy limit.
What Do Insurance Companies Cover with General Liability Insurance?
Your business is responsible for the safety of your employees, customers, and anyone else who comes into contact with your company. If someone is injured on your property or as a result of your company’s actions, you could be held liable. This is where general liability insurance comes in.
General liability insurance protects your business from claims arising from bodily injury, property damage, personal injury, and more. It can help cover the costs of medical expenses, legal fees, and settlements.
Not all insurance companies are willing to backdated general liability insurance, so it’s important to shop around and find one that will. Be sure to read the fine print of any policy you’re considering so you know what’s covered and what’s not.
How Much Does General Liability Insurance Cost?
The cost of general liability insurance varies depending on the size and type of business, as well as the coverage amount. For a small business, the average cost of general liability insurance is $500 per year. For a medium-sized business, the average cost is $2,000 per year. And for a large business, the average cost is $5,000 per year.
How Do I Get General Liability Insurance?
If you’re looking to get general liability insurance, you may be wondering what insurance companies will backdate your policy. In short, most insurance companies will backdate your policy if you have a valid reason for doing so. However, it’s important to note that there are some exceptions to this rule. Here’s what you need to know about getting your general liability insurance policy backdated.
If you’re looking for coverage for an event that has already happened, you may be able to get your policy backdated. This is typically only possible if you can show that you had a valid reason for not having coverage in place at the time of the event. For example, if you were in the process of switching insurance companies and had a lapse in coverage, you may be able to get your new policy backdated to cover the period during which you were uninsured.
It’s important to note that not all insurance companies will allow backdating, and those that do may only allow it under certain circumstances. If you’re considering backdating your policy, be sure to check with your insurance company first to see if it’s an option.
Are There Any Exclusions to General Liability Coverage?
As with any insurance policy, there are certain exclusions to general liability coverage. These exclusions can vary from insurer to insurer, so it’s important to read your policy carefully. Some common exclusions to general liability coverage include:
Intentional acts: General liability insurance does not cover damages that were intentionally caused by the policyholder.
Violation of law: If the policyholder is found to have violated a law or regulation, their general liability insurance will not cover any resulting damages.
Professional services: Many insurers exclude professional services from general liability coverage. This includes activities such as medical and legal services.
Workers’ compensation: Workers’ compensation is a separate type of insurance that covers employees who are injured on the job. It is not typically included in general liability coverage.
Products and completed operations: Many policies exclude coverage for damages caused by the policyholder’s products or completed operations. This exclusion can be particularly important for businesses that manufacture or sell products.
There are other exclusions that may apply to your policy, so be sure to read it carefully. If you’re not sure whether something is covered, you can always contact your insurer for more information.
What insurance companies will backdate my general liability insurance policy?
When it comes to general liability insurance, there are a few different ways that companies will typically backdate policies. The most common way is by looking at the date that the policy was first put into effect, and then working backwards from there. This means that if your policy was first put into effect on January 1st, 2018, then the insurance company will most likely backdate it to December 31st, 2017.
Another way that companies will sometimes backdate policies is by looking at the date of inception for the business itself. So, if your business was started on October 1st, 2017, then the insurance company may backdate your policy to September 30th, 2017. And finally, some companies will simply backdate your policy based on when you first applied for coverage. So, if you applied for coverage on December 1st, 2017, then the insurance company would most likely backdate your policy to November 30th, 2017.
Conclusion
Insurance companies that will backdate your general liability insurance include The Hartford, CNA, and Travelers. They are all large, well-known carriers with a long history of providing quality coverage to their policyholders. If you are in need of general liability insurance and cannot find a policy that starts on the date you need it to, consider contacting one of these companies to see if they can help you out.